Which would not be considered as capital (or an economic resource) by an economist?
a. A crane used by a building contractor
b. A share of corporate stock issued by General Motors
c. An automobile used by General Electric
d. A razor used by a barber
Answer: b. A share of corporate stock issued by General Motors
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Which of the following best represents collectivization costs?
A) Dinesh has to spend time and effort to make sure that the chemical factory is living up to the agreed upon bargain that it will reduce the pollution it is releasing into the local river by 50 percent. B) Laila needs to come up with enough cash to pay the owners of the paper manufacturing plant, its attorneys, accountants, and negotiators so that a bargain can be reached with the paper manufacturer to reduce air pollution. C) Esperanza has to spend time and effort locating and organizing all the other people who have been adversely affected by the strong odors emanating from the local slaughterhouse in order to initiate the bargaining process. D) Rafael has to spend time determining whether the fertilizer manufacturer, the lead smelter, or the oil refinery is the cause of pollution seeping into the groundwater in his local community.
If the marginal cost of producing hair styling decreases, then the efficient quantity of hair stylings to produce ________
A) depends on the marginal benefit B) remains the same C) decreases D) increases
The value of the absolute price elasticity of demand for good X is 3. The absolute price elasticity for good Y is 2. Which good's quantity demanded is less responsive to a change in price?
A) Good X B) Good Y C) They are equally responsive. D) Not enough information is given.
Beta is
A) is a measure of the overall market's volatility relative to a specific stock. B) is equal to the equity premium. C) a measure of a stocks volatility relative to the market as a whole. D) none of these choices.